The Crisis of Intellectual Monopoly Capitalism

Ugo Pagano

Department of Economics University of Siena from Department of Economics, University of Siena

Abstract: The last three decades have witnessed the emergence of a new species of capitalism. In spite of marked differences among its different national varieties, a common characteristic of this species can be found in the global monopolization of knowledge. This monopolization involves hierarchical relations among firms and between capital and labor because the capital of some firms includes the exclusive ownership of much of the knowledge used in production. Since the 1994 TRIPS agreements, the growing commoditization of knowledge has extended the role of closed science and closed markets at the expense of open science and open markets. The intrinsic long-term dynamics of this species of capitalism are increasingly characterized by inequality and stagnation. In order to exit from the current crisis, we must change many features of Intellectual Monopoly Capitalism and rely on an eclectic approach that draws insights from the Liberal, the Keynesian and the Marxian traditions

Keywords: intellectual monopoly; great depression; eclecticism (search for similar items in EconPapers)
JEL-codes: B52 E11 E12 F55 G01 (search for similar items in EconPapers)
Date: 2012-02
New Economics Papers: this item is included in nep-hme, nep-hpe, nep-ipr, nep-pr~, nep-knm and nep-pke
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Journal Article: The crisis of intellectual monopoly capitalism (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:usi:wpaper:634

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